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The central bank of India reiterated its position on the prohibition of cryptocurrencies such as bitcoin and aether. The governor of the Indian Reserve Bank (rbi) compared the cryptocurrency trade to the game. He warned cryptography "will undermine RBI's authority and lead to the dollarization of the economy."
The governor of the RBI has decided to ban cryptography.
India's central bank governor, the Indian Reserve Bank (RBI), Shaktikanta Das, highlighted the bank's position on cryptography at the Business Today Banking and Economy Summit on Friday.
Das pointed out that the view of the central bank is to prohibit completely cryptocurrencies such as bitcoin and ether, India Today has brought back, quote: "RBI's position on cryptography is very clear - it should be forbidden."
Noting that cryptocurrencies do not have any underlying value, the Governor of the Central Bank of India described:
Some people call cryptocurrency an advantage, others call it a financial product. Any financial asset or product should have a base value.
But there is no underlying value to the crypto-currency. He compared the cryptocurrency business with the game.
"Anything whose valuation depends entirely on pretense is nothing other than 100% speculation, or frankly, it's the game," the head of the IBR pointed out. "In our country, we don't allow the game. In our country, we are not allowed to play.
If you're going to allow the game, look at it as a game of chance and set the rules."
Reaffirming his belief that cryptography is not a financial commodity, the central banker said:
Das also cautioned against the risks that cryptography presents for India's economy. He cautioned:
The Reserve Bank, being the monetary authority of the country as the central bank, will lose control over the money supply in the economy … He warned that the Reserve Bank, being the country's monetary authority as its central bank, will lose control over the money supply in the ...
RBI officials similarly warned in May last year that crypto could lead to the dollarization of a part of India’s economy “which will be against the country’s sovereign interest.”
Officials at the RBI also warned last May that cryptography could lead to the dollarization of part of India's economy "which will be against the sovereign interest of the country." The government has been working on a crypto bill for several years. Indian Finance Minister Nirmala Sitharaman said in October last year that the government hopes to discuss crypto regulation with the G20 countries to establish a technology-driven regulatory framework for crypto assets.
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